Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2011material agreement▲ Good
CNOOC has internally approved the Beibu Gulf development plan, which should lead to the US$3m second payment to FAR once regulatory matters are satisfied. This resolves the long-delayed condition; a further US$3m is due after 1 million barrels are produced.
27 Jan 2011quarterly activities report▲ Good
December quarter report: cash is $38.1m after the $34m raising. Kora well (mean 453m bbl) expected early April 2011 at an estimated US$4.8m cost to FAR; Senegal renewal and Beibu Gulf US$6m payments still pending.
16 Dec 2010other● Neutral
FAR publishes its Security Trading Policy to comply with an ASX listing rule taking effect 1 January 2011. Governance document covering insider trading and trading windows for directors and staff; no new business information.
13 Dec 2010drilling progress report▲ Good
The Guinea Bissau data acquisition (1,200 sq km gravity, 1,640 sq km 3D seismic) is complete, with encouraging early results. Processing continues into 2011 and, subject to results, could lead to up to 2 wells on FAR's 15% licences.
8 Dec 2010other● Neutral
Announces the record date (23 December 2010) and payment of $0.016875 per note, at 15% a year, for the December quarter on FAR's convertible notes. Routine administrative notice.
30 Nov 2010regulatory community update● Neutral
Two FAR directors met Senegal's new Energy Minister about the second renewal of its Senegal licences, which began 23 November 2010. Ministry changes have delayed the required Presidential Decree; FAR was assured it would be issued in due course. Still pending.
26 Nov 2010capital raising announcement● Neutral
FAR issues the second and final 35 million placement shares at 5.8 cents, completing the 500 million-share placement announced 29 October 2010. Administrative notice allowing the shares to be on-sold.
26 Nov 2010capital raising announcement● Neutral
The oversubscribed share purchase plan is allotted: 86,206,680 shares at 5.8 cents, with each application scaled back pro rata (a $1,000 application received 9,720 shares). This completes the $34m raising.
What it means for a shareholder
86.2m new shares at A$0.058 to raise about A$5.0m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (17,241 at the issue price), your slice goes from 0.00345% to 0.00294% of the company. To keep it you'd need 2,973 more shares - about A$172 at the issue price.
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22 Nov 2010capital raising announcement▲ Good
The share purchase plan closed about 80% over its $5 million limit, so all applications will be scaled back pro rata. Allotment is expected around 26 November 2010, completing the $34m raising announced on 29 October.
22 Nov 2010regulatory community update▲ Good
A Presidential Decree published in Guinea Bissau confirms FAR's acquisition of its 15% in the Sinapa and Esperanca licences from Delek, giving final approval to the deal announced in December 2009. This resolves the pending approval thread.
15 Nov 2010capital raising announcement● Neutral
FAR issues 465m shares at 5.8 cents, the first tranche of the placement announced on 29 October. Administrative notice allowing the shares to be on-sold.
What it means for a shareholder
465m new shares at A$0.058 to raise about A$27.0m. That's 88% dilution: every existing holder's slice gets 88% smaller. If you held A$1,000 of shares (17,241 at the issue price), your slice goes from 0.0282% to 0.00328% of the company. To keep it you'd need 131,108 more shares - about A$7,604 at the issue price.
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15 Nov 2010well test result▼ BadMajor
Stokes Bay-1 retest recovered about 2,760 barrels of fluid that was 100% water with no hydrocarbon indications, and the well will be suspended. This is a negative result for FAR's 8% licence interest after the further test planned in 2010.
4 Nov 2010capital raising announcement● Neutral
Share purchase plan offer documents: eligible Australian and New Zealand holders can buy up to $15,000 of shares at $0.058, a 19.44% discount, with $5m in total and scale-back if oversubscribed. Offer closes 19 November 2010.
4 Nov 2010admin correction● Neutral
Administrative notice under ASIC class order that FAR will offer shares under a share purchase plan without a prospectus. No new information.
29 Oct 2010quarterly activities report● Neutral
September quarter report: Ophir Kora and Senegal rights deals signed, Senegal renewal lodged, Guinea Bissau 3D started. Cash $9.3m; US sales $273,890; $34m raising announced. China US$6m still conditional.
29 Oct 2010capital raising announcement▲ GoodMajor
FAR raises up to $34m: a 500m-share placement at 5.8 cents plus a $5m share purchase plan at the same price. Funds the Kora well, Guinea Bissau 3D and possible wells, and Senegal bonds. Placement needs approval on 15 Nov; the raising satisfies the Ophir condition precedent.
27 Oct 2010other● Neutral
FAR's shares and convertible notes are suspended from quotation at the company's request, pending an announcement. Resolved two days later by the capital raising.
22 Oct 2010drilling scheduled● Neutral
Partner Empire repeats the planned Stokes Bay-1 nitrogen-lift retest, with FAR at 11.15% of the test. Adds that a nearby well had oil shows, but also notes a substantial chance of no hydrocarbons.
22 Oct 2010drilling scheduled● Neutral
Operator Buru announces a further Stokes Bay-1 test, nitrogen-lifting the well from mid-November 2010. FAR's share of the test is 11.15% (8% of the licence) because some partners declined. Buru says there is a substantial chance there are no hydrocarbons.
13 Oct 2010investor presentation● Neutral
October roadshow presentation promoting the Ophir Kora well participation, Senegal (90%) and Guinea Bissau (15%). Shows cash $9.3m, 658.2m shares at $0.065 and market cap about $42.8m. Repeats known facts; no new results.
12 Oct 2010drilling progress report▲ Good
The 1,600 sq km 3D seismic survey over the Guinea Bissau licences has started and is on schedule, with results due Q1 2011. A Presidential Decree gazette confirms the 2-year licence extension; a further gazette novating the Delek-to-FAR transfer is still to come.
11 Oct 2010farm in farm out agreement▲ GoodMajor
Heads of Agreement with Ophir: FAR to acquire 10% of the AGC Profond block and join the Kora well (mean 448m bbl prospective resource) in Q1 2011. Ophir gets the right to earn 25% of FAR's Senegal licences. Subject to regulatory approvals.
24 Sept 2010regulatory community update● NeutralMajor
FAR formally asks to enter Senegal's next exploration phase from 23 Nov 2010, a 3-year term requiring a well within 2 years backed by a forfeitable US$5m surety. Ministerial approval and a Presidential Decree are still needed; verbal support has been given. This follows the unsuccessful farmout search.
14 Sept 2010dividend declaration● Neutral
Routine notice of quarterly interest on the 15% convertible notes: $0.016875 per note for the quarter to 30 September 2010, record date 22 September.
9 Sept 2010half year report▼ Bad
Half-year to 30 June 2010: loss of $791,974 versus a $4.59m profit a year earlier; cash $10.8m. Senegal licence phase expires 23 Nov 2010, and entering the next phase needs a non-refundable US$5m bond if no farmout is reached.
7 Sept 2010investor presentation● Neutral
Good Oil Conference presentation pitching FAR's 6 West African licences (13,332 sq km) and the Senegal farmout against regional deepwater drilling and deal values. Shows market cap about $34m and over $10m cash. Repeats known facts; no new results.
17 Aug 2010drilling progress report▲ Good
ARKeX has begun the gravity gradiometry survey over the Guinea Bissau blocks, the first field work, ahead of the 1,600 sq km 3D seismic due mid-September 2010. 3D results are expected in Q1 2011. FAR holds 15%.
29 July 2010contract award▲ GoodMajor
PGS is awarded a 1,600 sq km 3D seismic survey over the Guinea Bissau licences from mid-September 2010, within a programme budgeted at about US$15m gross. Ministers also extend the licences two years to 25 Nov 2012 (gazette pending). FAR holds 15%.
29 July 2010quarterly activities report● Neutral
June quarter report: Senegal farmout talks continue with no deal; Guinea Bissau 3D contracts awarded. Cash $10.8m; US sales $252,194. China US$3m second payment now expected 2H 2010, slipping again from earlier expectations of Q1 then Q2.
8 June 2010dividend declaration● Neutral
Routine notice of quarterly interest on the 15% convertible notes: $0.016875 per note for the quarter to 30 June 2010, record date 22 June.
